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Eli Lilly profit drops sharply on Zyprexa generics
(Reuters) - Eli Lilly & Co's (LLY.N) quarterly profit dropped 27 percent after its top-selling Zyprexa schizophrenia treatment lost U.S. patent protection and saw competition from generic rivals.
The drugmaker backed its 2012 outlook that calls for a steep drop in profit this year due largely to the Zyprexa loss. It said an independent safety committee recommended continuing two late-stage clinical trials for its closely watched experimental Alzheimer's treatment.
Lilly's fourth-quarter net income fell to $858.2 million, or 77 cents per share, from $1.17 billion, or $1.05 per share, a year ago.
Excluding items, earnings of 87 cents per share were 6 cents ahead of the average estimate of analysts, according to Thomson Reuters I/B/E/S.
(Reporting by Lewis Krauskopf and Ransdell Pierson; Editing by Derek Caney)
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Association Between Zyprexa and Hyperglycemia.
There is concern Zyprexa,like other atypical antipsychotic drugs, has the potential to cause metabolic disorders, particularly hyperglycemia (excess sugar) and diabetes. Atypical antipsychotics cause the body to metabolize fat instead of carbohydrates, leading to insulin resistance to the excess carbohydrates. At the same time they promote fat accumulation.I was a patient back in 1996-2000 who was a subject of Eli Lilly’s Zyprexa ‘viva’ Zyprexa’ off label sales promotion.I was given it as an ineffective costly treatment for PTSD It gave me diabetes as a side effect.–Daniel Haszard
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